Cambodia’s central bank — aptly named the National Bank of Cambodia — is refusing to recognize the ever-popular bitcoin as a currency, according to the Phnom Penh Post.

The central bank’s stance was reportedly confirmed on Wednesday by director-general Chea Serey:

“NBC will not recognise a currency that is not issued or backed by a government. Bitcoin’s issuer is not a central bank of any jurisdiction,” he said.

The lack of regulations surrounding the digital currency means that consumers are not protected in instances of fraud and theft, “which has proven to be a daily occurrence in the virtual world,” according to Serey.

While The National Bank of Cambodia has the authority to issue legal tender (under the watchful eye of the Ministry of Economy and Finance), this isn’t an outright ban — just a stance.

Whether or not the firm statement from the bank official will have any bearing is yet to be seen.

Super User → administrator Nuno Menezes is a Bitcoin Entrepreneur and a crypto currency’s enthusiast strongly supporting the Bitcoin Portuguese Community. He is an Anthropologist and a Writer and his current field of work is virtual currencies.Complementing his Social Sciences Master degree with a Professional background in telecommunications along some experience in Computer Science, he intends to bring knowledge and understanding about the impact of crypto currencies in society. Updated